Malaysia's national oil company said Monday it has awarded three offshore exploration areas, or blocks, to partnerships led by Sweden's Lundin Petroleum AB. The total financial commitment to the three blocks is expected to be a minimum US$157 million (¤100 million), said Petroliam Nasional Bhd., or Petronas. Lundin's Malaysian unit, Lundin Malaysia BV, will have a 35 percent share of Block PM308A, located in the Penyu Basin off the east coast of peninsular Malaysia, Petronas said in a statement. Petronas' unit, Petronas Carigali Sdn. Bhd., will get 25 percent of the block, while Japan's Nippon Oil Exploration (Peninsular Malaysia) Ltd. and Japan Energy Malaysia E&P Co. will each get 20 percent. Two other blocks _ PM308B and SB303 _ were awarded to Lundin Malaysia and Petronas Carigali on a 75:25 split. Lundin will operate all three blocks. Blocks PM308A and PM308B are both in the Penyu Basin. Block PM308A has one oil discovery from previous exploration campaigns. Block SB303 is off eastern Sabah state. It has one undeveloped gas discovery and has prospects for both oil and gas.
